Can someone help me understand what a "bulk transfer" means?
Schwab (SCHW) spent a lot of time in their recent business update talking about increasing "bulk transfers" of client cash from money market funds to their bank as a major driver of revenue. Can someone help me understand how this drives revenue for them?
They have a quote from the transcript "if we see our clients invest in the markets and those cash allocations go down, we may move more aggressively on executing on the bulk transfers. If we see volatility in the markets, as we've seen in the past few days, and our clients leave the markets and move more into cash, that's going to occupy more capital. We'll be able to pull back on the bulk transfer." - Can someone help me understand what they mean here?
Thank you in advance!
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